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  3. The job recovery could perhaps best be described as modest , and Friday ’ s jobs report for May further solidified that descript

The job recovery could perhaps best be described as modest , and Friday ’ s jobs report for May further solidified that descript

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问题     The job recovery could perhaps best be described as modest , and Friday ’ s jobs report for May further solidified that description. U. S. employers added 175,000 new jobs last month—a strong showing, but only moderately so. And from the perspective of a central banker, that might be welcome news.
    An employment report that showed too big of a spike in job creation could spook investors, even as it signals a healthy economy, says Brett Wander, chief investment officer in fixed income at Charles Schwab Investment Management. "There’s some concern[among investors]that in turn[Federal Reserve Chairman Ben]Bernanke’s going to take the punch bowl away. Then it may be a very shortlived party. He wants a long sustained jobs growth," says Wander.
    That "punch howl" is the Fed’s $85 billion of monthly purchases of bonds and mortgage backed securities, known as QE3. While Bernanke has mentioned the possibility of tapering in coming months. he has also said he believes sustained and substantial job market improvement will be a prerequisite for dialing back the program. Markets have been watching closely for any signs of when that might be.
    Those bond buys have been keeping interest rates very low. However, even Bernanke’s mention of possible future tapering in a congressional testimony last month sent bond yields spiking. If a job report comes in too strongly, says Wander, it will trigger a bond sell-off, sending bond yields upward. In other words, there is a scenario in which a supremely positive jobs report could, ironically, hurt the economy. "It’s those low yields that are arguably stimulating the economy," says Wander. For example, low bond yields mean low mortgage rates, which could inspire more buyers to get into the housing market. Higher interest rates could slow that down.
    On the other hand, it’s important to remember that low interest rates are not the Fed’s ultimate goal. Rather, they’re a means to the end of boosting employment. For that reason, it may be that the economic outlook is sunny, whether jobs data is modest or booming.
    "If you take a bullish view—and we are bullish—we’re kind of in a win-win situation here," says Hank Smith, chief investment officer and director at Haverford Trust. "Yes. better data will lead to the fed starting to pull back from its quantitative easing, but better data is something that is desired. So that should be good for corporate earnings, which is the ultimate driver of stock prices. "
    In Smith’s opinion, the latest jobs report was better than expected but "still reflective of an economy that’s growing at a below-average rate. " He’s not the only one who considers economic growth middling. In its latest Beige Book report released Wednesday, the Federal Reserve characterized activity as growing at "modest to moderate pace. " So while the chatter grows, even among Fed Presidents, about the prospect of tapering, more mixed data could mean a full punch bowl for at least a few more months.
It can be inferred from the last paragraph that______.
选项 A、the fed will not start to pull back from its quantitative easing in the near future
B、the stock price will rise for a few more months
C、recently economy grows at modest to moderate pace
D、interest rate will remain high though this year
答案A
解析 本题考查考生对最后一段内容的理解。最后一段指出最新的就业报告数据普通，反映出经济增长表现平庸．由此可以知道在未来潘趣碗不会撤销，可以推出定量宽松不会减缓，A是正确答案。B选项关于股票价格，由第六段我们可以知道，更好的就业报告数据对企业盈利是好的，而企业盈利是股票价格上涨的最终推动力，而最后一段指出最近的就业报告数据平庸，因而股票价格不会因此上涨，B项正好相反，因此错误。C项是最后一段的清晰表达……“在他最新的周三发布的褐皮书报告中，美联储概括为“较一般的适度增长”，并不是需要“推测”的内容，因此错误。D项关于利率，由文中第三第四段可以看出就业报告对利率的影响。当就业报告数据好时，政府可能消减债券的购买，从而是利率升高。而最后一段指出最近的就业报告并不出色，因而可以推测出利率并不会升高，因此D项也错误。
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